Astor case shows need for Elder Justice Act

The conviction of 85-year-old Anthony Marshall for bilking millions from his philanthropist mother Brooke Astor gives a glimpse of a tragedy national in scope: elder abuse and neglect, which affects an estimated 5 million elderly people annually. In nearly 90 percent of all abuse cases, the perpetrator is a family member, two-thirds of whom are spouses or adult children.

But most financial elder abuse cases don’t have the tabloid drama of the rich and famous. It goes on quietly in towns and cities throughout the country where adult children tire of caring for sick parents, or caregivers resent or feel entitled to the relative wealth of the elder whom they bathe and feed. Elder financial abuse straddles all socioeconomic classes at a cost of $2.6 billion to our nation’s seniors annually — with family, friends, neighbors and caregivers as the perpetrators in 55 percent of cases.

So why do adult children steal from their aging parents? There are many reasons for this break of trust — from need to greed. They view a mother or father with Alzheimer’s or another debilitating disease as a burden, a justification for financial or other abuse. During these tough economic times, middle-aged adult children may rationalize their needs because of financial setbacks. If their parent is incapacitated, they may not think their parents really need their nest egg, which justifies raiding their bank accounts.

Elder abuse is not easily detected. In my work at the Elder Financial Protection Network, I became aware of in a case in California when a caring, middle-class, middle-aged woman, whom I’ll call Susan, suddenly had money issues because of family problems. Susan was the caregiver for her mother, who has Alzheimer’s, and controlled her finances.  When Susan couldn’t pay her own bills, she turned to financial elder abuse, although she certainly didn’t look at it that way, and began using her mother’s money for her debts. After a painful and humiliating confrontation by her sister, control of her mother’s finances was turned over to a qualified financial manager. Now Susan oversees her mother’s four caregivers and has made the transition from an abuser to an elder rights advocate. And, she’s making restitution to her mother.

Financial abuse comes in many guises.  It is perpetrated by caregivers who gain the trust of an ailing elderly person and subsequently gain access to their banking accounts. There are criminal telemarketers — professional scam artists who specialize in targeting elderly people, getting them to give their credit card numbers, bank details or other financial information over the phone. Neighbors or casual acquaintances also find the finances of elderly people tempting and devise ways to fleece them.  There are check-cashing and credit card schemes. Other techniques include identity theft, investment fraud, sweepstakes scams, fake charities, forgery and the outright theft of the elders’ property or other assets.

Yet, financial abuse is one of the most underreported crimes. Victims are embarrassed and fear loss of independence or intimidation by the perpetrator.

As a result, victims rarely recover financially. Their losses often lead to depression, increased physical problems and reliance on public benefits, and can even hasten death. Victims of elder abuse also are three times more likely to die at an earlier age.
At the Elder Financial Protection Network, we have seen financial elder abuse in too many shapes and sizes to count; in creative ways that are appalling. 

To help stop and prevent it, we create innovative partnerships with financial institutions to build public awareness, drive community outreach, and provide professional training. To stem this tragic tide nationally, we are part of Elder Justice Now: A National Campaign to Protect Older Americans from Abuse and are working for passage of the Elder Justice Act, which is under consideration by Congress. While there are federal laws to prevent child abuse, spousal abuse, and animal abuse, there are no federal laws or funding in place to protect our elder community members from abuse and exploitation.  Passing the Elder Justice Act will help build a national system of trained first responders and develop training and prevention models that are critically needed and long overdue.

Brooke Astor’s status and philanthropy were extraordinary. Perhaps now, two years after her death at 105, she has unknowingly given the gift of awareness that can help stop financial elder abuse for older people of all circumstances.

Duane is the founder and CEO of the Elder Financial Protection Network. She has worked in the field of elder advocacy for more than 25 years.